MOSCOW, February 16 Sovcombank announced its intention to acquire Home Bank, the transaction is expected to be completed before the end of 2024, according to the bank’s Telegram channel.
«Sovcombank announces its intention to acquire Home Bank. The transaction is expected to be completed before the end of 2024, after receiving all necessary regulatory approvals,» the bank said in a statement.
The first stage of the transaction will be the purchase of 51% of Home Bank shares through the issue of new shares of Sovcombank in the amount of 5% of the authorized capital.
At the second stage — until the end of 2024 — Sovcombank plans to acquire the remaining 49% of shares of Home Bank, which will be paid in cash in installments over 2024–2025, the report said.
As reported by the press service Sovcombank, Home Bank's valuation for the purposes of the transaction amounted to 80% of the bank's capital excluding perpetual bonds and dividends for 2023.
This structure of the transaction will allow Sovcombank to consolidate the results of Home Bank into its financial statements as early as 2024, after receiving permission for the transaction from regulators.
The shareholders of Home Bank, as reported by the press service of Sovcombank, committed themselves not to sell the Sovcombank shares they received as payment for the transaction until January 1, 2025.
February 5, 00:00